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Code · Massachusetts · Part I — ADMINISTRATION OF THE GOVERNMENT · Title XXII — CORPORATIONS · Chapter 175

Section 161E: Domestication of United States branch of alien insurer effective upon filing of instrument of transfer and assumption

382 words·~2 min read·/ma/part-i/title-xxii/chapter-175/161e·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Section 161E. Upon the filing with the commissioner of a certified copy of the instrument of transfer and assumption pursuant to which a domestic insurer succeeds to the business and assets of the United States branch of an alien insurer and assumes all its liabilities, as provided by sections one hundred and sixty-one B to one hundred and sixty-one D, inclusive, the domestication of the United States branch shall be deemed to be effective, and thereupon all the rights, franchises and interests of said United States branch in and to every species of property, real, personal and mixed, and things in action thereunto belonging shall be deemed as transferred to and vested in said domestic insurer and simultaneously therewith said domestic insurer shall be deemed to have assumed all of the liabilities of said United States branch; all deposits of the United States branch held by the state officers or other state regulatory agencies pursuant to requirements of state laws shall be deemed to be held as security that said domestic insurer will fully perform its assumption as direct liabilities of all the liabilities to policyholders and creditors within the United States of said United States branch and such deposits shall be deemed to be admitted assets of the domestic insurer and shall be reported as such in the annual financial statements and other reports which said domestic insurer may be required to file and upon the ultimate release by any said state officer or agency of any such deposits, the securities and cash constituting such released deposit shall be delivered and paid over to said domestic insurer as the lawful successor in interest to said United States branch; and contemporaneously with the consummation of the domestication of the United States branch, the state treasurer shall transfer to said domestic insurer the securities deposited by said United States branch in compliance with the provisions of sections one hundred and fifty-five and one hundred and eighty-five, and the commissioner shall consent that the trustee of the trusteed assets deposited by said United States branch in compliance with the provisions of said sections one hundred and fifty-five and one hundred and eighty-five shall withdraw from the trusteed assets all assets held by such trustee and transfer and deliver the same to said domestic insurer.
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